What is happening at this point?

Resources are being underutilized

What is happening at this point?

This point is currently impossible

Which of the following is an example of movie theaters underutilizing their resources?

4 of 12 rooms playing no movies

Which of the following is an example of a tanning salon utilizing all of their resources?

Being open & fully employed with all beds running

What does PPF stand for?

production possibilities frontier

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Basics of Economics

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Questions 13

Answers

1
Unlimited wants being satisfied by limited resources is known as
Economics
Supply & demand
Paradox of Value
Scarcity
2
What is happening at this point?
Resources are being maximized
This point is currently impossible
Resources are being underutilized
All of the above
3
The next best choice is known as the....
second best choice
loss
opportunity cost
trade-off
4
What is happening at this point?
Resources are being underutilized
This point is currently impossible
Resources are being maximized
All of the above
5
Which type of factor of production would this fall under?
Labor
Land
Capital
Entrepreneur
6
Which type of factor of production would this fall under?
Entrepreneur
Capital
Labor
Land
7
Your boss saying you'll be fired if you don't show up is a ? incentive
positive
negative
8
What is happening at this point?
Resources are being maximized
Resources are being underutilized
This point is currently impossible
All of the above
9
Which of the following is an example of movie theaters underutilizing their resources?
All employees working
All snack bar areas open and employeed
4 of 12 rooms playing no movies
12 of 12 rooms playing movies
10
Which of the following is an example of a tanning salon utilizing all of their resources?
Closing a second location
Being open & fully employed with all beds running
Being open 3 days a week for 5 hours
3 of 12 tanning beds are broken & un-usable
11
Which type of factor of production would this fall under?
Land
Capital
Entrepreneur
Labor
12
What does PPF stand for?
production possibilities frontier
preliminary production force
preliminary production frontier
production possibilities chart
13
Economists use the PPF Graph to measure scarcity
False
True

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